File: Attachment 241108_BLOX_NR_Redwater_Accounting_Clarifying_NR_FINAL.pdf

CryptoBlox Clarifies Redwater Acquisition Accounting

Vancouver, B.C., November 8, 2024 - CryptoBlox Technologies Inc. (the "Company" or "CryptoBlox") (CSE: BLOX) is pleased to clarify the accounting treatment of its acquisition of Redwater Acquisition Corp. ("Redwater") in its interim financial statements for the periods ended July 31, 2023, and October 31, 2023. As a result of a review by the British Columbia Securities Commission, we are issuing this press release to clarify our disclosure.

In the Company's financial statements for the three and six months ended July 31, 2023, and the Company's financial statements for the three and nine months ended October 31, 2023, the Company reported a deemed acquisition value for Redwater of $11 million (the "Valuation") based on agreed upon negotiated terms of the share purchase agreement.

During the Company's January 31, 2024 year-end audit, the Company learned that the Valuation was not the appropriate application of International Financial Reporting Standards. Through discussions with the Company's auditors, the Company determined that the fair value of the acquisition should instead be based on a valuation methodology that takes into consideration Cryptoblox's share price at the time of close of the transaction, subject to a discount for lack of marketability (based on the chaffe model and the finnerty model), resulting in a revised valuation of Redwater of $2.99 million. The Company reflected this corrected acquisition fair value for Redwater in its audited annual financial statements for the year ended January 31, 2024. In addition, the Company wrote off all the related goodwill from the acquisition of Redwater in the amount of $2,660,847 in the year ended January 31, 2024.

On behalf of the Company, Akshay Sood, Chief Executive Officer

About CryptoBlox Technologies Inc.

CryptoBlox Technologies Inc. is a blockchain technology infrastructure company focusing on building out its diversified Blockchain Ecosystem Strategy that consists of Digital Asset Mining & Infrastructure, Mining Products & Technology, and Structured Digital Asset Products & Blockchain Payments. The Company's infrastructure will be based on the value chain that stems from off-grid/alternate energy powered digital asset mining, along with a diversified portfolio of sustainable mining and blockchain fintech products and services enabled by both the Sustainable Mining Products & Technology and Structured Blockchain Products and Services divisions. The Company will be focused on providing alternate energy solutions to power digital asset mining operations throughout North America - with the first site being in Redwater, Alberta. By using alternative energy sources and state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.

For further information about the Company, please visit www.cryptoblox.ca or call 236-259-0279.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.